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Do you see your retirement as golden or grey? Canadians' view of retirement coloured by age, income, gender, and economic outlook

2011 Sun Life Canadian UnretirementTM Index shows major factors influencingwhen you think you'll retire and what you think you'll be doing after
age 65

TORONTO, March 8 /CNW/ - Canadians have become less optimistic about
retirement as the recovery from the global recession continues. The
average Canadian expects to retire at age 68, according to the 2011
Canadian Unretirement Index, released by Sun Life Financial today.
That's three years later than respondents reported in the same study a
year ago.

The downturn has had the most significant impact on the retirement
expectations among those earning less than $50,000 per year. They're
less confident about how prepared they are for retirement, and they
expect to retire later - at age 70 on average - as a result. Canadians
who earn over $100,000 expect, on average, to retire at the traditional
age of 65. Income is also a factor when it comes to retirement
activities:

Those with incomes over $100,000 are inclined to cite personal
fulfillment for continuing to work: 71% say they'll work past age 65 to
stay mentally active, and 60% say they'll keep working because they
enjoy their job or career.

Many of those making less than $50,000 per year (68%) say a main reason
for working past age 65 is to earn enough money to pay for basic living
expenses.

As Canadians age and approach the traditional retirement time frame,
they anticipate working longer than younger Canadians predict:

Canadians in their thirties and forties expect to retire at age 67.

In the 60 - 65 age group, the expected retirement age rises to almost
72.

Gender also plays a role in our views of retirement:

While just over half (55%) of all men and women expect to be working to
some extent past age 65, more men than women expect to be working full
time (24% of men vs. 17% of women).

Timing for retirement is also different, with men expecting to work
almost two years longer until they retire (close to age 69 for men vs.
approximately age 67 for women).

The reasons for expecting to work past 65 vary by gender. More men than
women say they will be working because they want to work (44% for men vs. 34% for women), while women are more likely to
anticipate they will need to work (67% for women vs. 57% for men).

"We've been tracking attitudes towards retirement through the economic
downturn and we're seeing the new vision of retirement for Canadians
depends on factors like how much income they earn and how close they
are to retirement," says the President of Sun Life Financial Canada,
Kevin Dougherty. "The good news is that Canadians have options
available to increase their confidence in retirement. The results
clearly show that Canadians who have a financial plan, an advisor, and
an employer-sponsored plan are more confident about their retirement
plans and finances."

The difference a plan makes
The 2011 Canadian Unretirement Index shows that almost eight out of ten
Canadians (79%) don't have a financial plan. However, the survey
results also illustrate that Canadians who do have a written financial
plan are more:

confident about being able to take care of basic living expenses in
retirement (84% with a plan vs. 48% without a plan).

confident about having enough money to pursue their hobbies and
interests in retirement (73% with a plan vs. 32% without a plan).

confident about having enough money to enjoy the lifestyle they want in
retirement (71% with vs. 30% without a plan).

satisfied with what they're saving for retirement (67% with vs. 26%
without a plan).

The overall Index for the survey shows that Canadians who have a written
financial plan are more confident about retirement than those who don't
have a plan (Index = 51 with vs. 37 without), as are those with an
advisor (44 with vs. 36 without).

"Creating a financial plan that covers personal and workplace savings,
pensions, portfolio diversification, and asset protection, as well as
debt reduction and budgeting, can give Canadians peace of mind," says
Dougherty. "We know that when they work with an advisor, it's easier to
see their complete financial picture and take meaningful steps towards
reaching their lifestyle goals and realizing their ideal retirement."

Retirement readiness and financial focus
Other survey results show that the overall Unretirement Index, measuring
the confidence of working Canadians, is down significantly from prior
years, to 39 in 2011, from 50 in 2008 and 51 in 2009. (The lower the
index number, the more negative or pessimistic the outlook is on issues
that influence retirement.) Canadians believe they'll work longer than
the traditional retirement age of 65, they're less confident about
their retirement outlook, and they're concerned about their financial
well-being.

The trend is towards less optimism in 2010. One possible reason for the
drop in overall confidence is that at the end of 2009, many Canadians
were hopeful the recession was over in this country - and that recovery
would be swift. While the recession did end, Canada did not witness the
extensive economic rebound it had hoped for, with unemployment still
high, gross domestic product increasing at low levels, and continued
worries about the health of other countries that could impact our
economy.

At the same time, survey results show that Canadians are shifting their
priorities. Paying down personal loans, credit cards, and other debt
moved ahead of saving for housing or retirement and is now the number
one financial priority (2010 results vs. 2009 results):

Across Canada, confidence in retirement savings varies considerably.
When asked, "How satisfied are you with how much you are saving for
retirement?", respondents in Ontario and British Columbia are the least
optimistic:

Methodology
These are some of the findings of an Ipsos Reid poll conducted between
November 24 and December 7, 2010, on behalf of Sun Life Financial.

For this survey, a sample of 3,422 adults from 30 to 65 years of age
from Ipsos Reid's Canadian online panel was interviewed online.
Weighting was then employed to balance demographics and ensure that the
sample's composition reflects that of the adult population according to
Census data and to provide results intended to approximate the sample
universe. With a sample of this size, the results are considered
accurate to within +/-1.7 percentage points, 19 times out of 20, of
what the results would have been had the entire population of adults in
Canada been polled. The margin of error will be larger within regions
and for other sub-groupings of the survey population. All sample
surveys and polls may be subject to other sources of error, including,
but not limited to, methodology change, coverage error, and measurement
error.

This poll represents the third wave of a study that was previously
conducted by telephone with a smaller sample size. In certain questions
the magnitude of the differences from prior years' findings may be a
reflection in the change in methodology from telephone to online
panels; however, we are confident in the year-over-year trends
indicated and find them to be consistent with other research performed
by Ipsos Reid on similar issues, recently, by both telephone and online
methodologies.

About Sun Life Financial

Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
accumulation products and services to individuals and corporate
customers. Chartered in 1865, Sun Life Financial and its partners today
have operations in key markets worldwide, including Canada, the United
States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan,
Indonesia, India, China and Bermuda. As of December 31, 2010, the Sun
Life Financial group of companies had total assets under management of
$464 billion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.